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JPMorgan's Profit Tops Estimates on Increased Trading

JPMorgan Chase & Co, the biggest U.S. bank by assets, reported a higher-than-expected 16.8 percent rise in quarterly profit on Thursday as the bank made more loans and racked up additional revenue from increased trading.

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The bank's net income rose to $6.45 billion in the first quarter ended March 31 from $5.52 billion a year earlier.

Earnings per share rose to $1.65, beating the average analyst estimate of $1.52 per share, according to Thomson Reuters I/B/E/S.

JPMorgan's shares were up 1.3 percent at $86.35 in premarket trading.

Trading increased across Wall Street over the past year as investors changed their positions around the Brexit vote, the U.S. elections and the Federal Reserve's hikes in interest rates.

Customers also borrowed more as the economy expanded, though the pace of loan growth has slackened somewhat recently.

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"We are off to a good start for the year with all of our businesses performing well and building on their momentum from last year," Chief Executive Jamie Dimon said in a statement.

"U.S. consumers and businesses are healthy overall and with pro-growth initiatives and improving collaboration between government and business, the U.S. economy can continue to improve," Dimon said.